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Kotak Mahindra Bank Hikes Interest Rates On Fixed Deposits (FD), Effective From Today
Kotak Mahindra Bank has hiked its fixed deposit (FD) interest rates by up to 15bps for 1-3 years (for deposits below Rs. 2 crore), which came into effect from today, on August 17, 2022, for both long-term and short-term FD investment. Earlier, the bank also hiked its FD rates for deposits of Rs. 2 crore - Rs. 10 crore, after the RBI raised the repo rate, the key lending rate. Check the detailed revised interest rates comparison below.
Revised FD interest rates for below Rs. 2 crore investment
For Kotak Mahindra Bank account holders, for FD investment from 390 Days to 10 years the interest rate will be 5.90% for public and 6.40% for public. For FD investment from 365 Days to 389 days the interest rate will be 5.75% for public and 6.25% for public. For FD investment from 365 Days to 389 days the interest rate will be 5.75% for public and 6.25% for public. For FD investment of 364 Days the interest rate will be 5.25% for public and 5.75% for public. For FD investment from 180 Days to 363 Days the interest rate will be 5.00% for public and 5.50% for public. For FD investment from 91 Days to 179 Days the interest rate will be 3.75% for public and 4.25% for public.
Revised FD interest rates for Rs. 2 crore - Rs. 5 crore investment
For Kotak Mahindra Bank account holders, for FD investment from 5 years and above upto and inclusive of 7 years the interest rate will be 5.90%, for FD investment from 365 days to less than 5 years the interest rate will be 6.00%, for FD investment for 280 Days ‐ 364 days the interest rate will be 5.65%, for FD investment for 271 Days to 279 Days the interest rate will be 3.50%, for FD investment for 180 Days to 270 Days the interest rate will be 5.50%, and for FD investment for 91 Days to 179 Days the interest rate will be 5.00%.
Revised FD interest rates for Rs. 5 crore - Rs. 10 crore investment
For Kotak Mahindra Bank account holders, for FD investment from 3 years and above upto and inclusive of 7 years the interest rate will be 6.00%, for FD investment from 365 days to less than 3 years the interest rate will be 6.20%, for FD investment for 280 Days ‐ 364 days the interest rate will be 5.80%, for FD investment for 271 Days to 279 Days the interest rate will be 3.50%, for FD investment for 180 Days to 270 Days the interest rate will be 5.50%, for FD investment for 121 - 179 Days the interest rate will be 5.10%, and for FD investment for 91 - 120 Days the interest rate will be 5.00%.
FD interest rates comparison
| Tenure | Rate for public (P.A.) | FD Amount |
|---|---|---|
| from 390 Days to 10 years | 5.90% | below Rs. 2 crore. |
| from 365 days to less than 5 years | 6.00% | Rs. 2 crore to Rs. 5 crore |
| from 365 days to less than 3 years | 6.30% | Rs. 5 crore to Rs. 10 crore |
Fixed Deposits or FDs are one of the most popular and traditional investment options. However, investors should check the interest rates offered before investing, because the interest rates are subject to change depending on the RBI repo rate hike.
